US car dealership group AutoNation on Friday forecast a first-quarter profit that was lower than Wall Street expectations, according to Reuters.
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Fort Lauderdale, Florida-based AutoNation reportedly said it expected earnings from continuing operations of 32 cents to 35 cents per share during the first quarter, compared with the average Wall Street estimate of 37 cents a share as compiled by Reuters Estimates.
The company posted a profit of 33 cents a year earlier, including a 3-cent-per-share charge from a senior note repurchase, the company said.
Wall Street analysts on average were expecting the company to report earnings of 37 cents, according to Reuters Estimates.
“We expect revenue to be stable to slightly increased,” AutoNation chairman and chief executive officer Mike Jackson said in a statement cited by the news agency. “Higher floorplan interest expense will have an impact of approximately 2 cents per share compared to first quarter 2005 due to rising interest rates.”
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